Gap-and-Sit Action

It has been one of those gap-and-sit days, where all the gains come near the open and then the market holds steady without any real pullbacks. That is a sign that market players are hungry for long exposure and aren't even waiting for dips to jump in.

LinkedIn (LNKD) has been trending up all day and Apple (AAPL) has moved up nicely as well. Breadth is solid and there is no noticeable selling pressure. The bears will say that the bulls are too complacent and doom is unlikely to ensue, but given how well they have timed this market recently, they are more comic relief than serious guidance.

I continue to hunt for places to put cash to work. One stock of interest is Sarepta Therapeutics (SRPT), which we had some nice trades on a few months ago. The stock has been in a side base for a few months and I'm watching for momentum to pick up as it approaches $30. It will have major news in a few months and I expect anticipatory buying to kick in.

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